CandleFocus Nigeria Receives Nearly $100,000 From Unlicensed Crypto Firms
2024-10-17
Author: Content Editor
The Nigerian government has received nearly $100,000 from two cryptocurrency firms, Paparaxy Global Ventures Limited and Lemskin Technologies Limited, accused of conducting unlicensed conversions of tether (USDT) to native currency. The firms were found to be operating without a valid banking license, violating Nigerian law. They have entered into a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC), with the case adjourned until October 22. This comes after the country's securities regulator granted its first digital asset exchange licenses to two local firms, Busha and Quidax, while warning of a crackdown on illegal crypto platforms. Nigerian authorities have also been freezing bank accounts linked to local cryptocurrency traders.
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